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We're flat

We're flat | 24 March 2021

24 March 2021, USD/JPY

We're flat

Technical observation

USD is rallying with an increasing bearish bias between a supportive zone 104.97-104.66 and a key level 114.80. My expectation is a decline to the zone mentioned above followed by a rejection within it for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 104.97-104.66 and a bounce within it to buy USD with your take profit at 114.80 and stop loss at 101.91. In case of a breakout above the line 114.80 with a big green candle, wait for a correction to the just broken line and a rejection at it confirming further upwards movements of price before you continue long towards the level 121.34.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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